Previous Session (29 September 2026)
- IHSG fell 0.43% to 6,121.70, from 6,147.86.
- The Rupiah strengthened 0.03% to 17,965/USD, from 17,970/USD.
Indonesia's financial markets closed mixed on Tuesday, with the IHSG declining while the Rupiah strengthened slightly. External pressure remained elevated due to a stronger USD, higher UST yields and oil prices, although Rupiah stability was supported by Bank Indonesia intervention.
Indonesia's Parliament approved the 2027 State Budget (APBN) with spending of Rp4,106.3 trillion and a fiscal deficit of 2.4% of GDP, while the government targets 6% economic growth. The budget assumes an exchange rate of Rp17,500/USD and inflation of 2.5%, highlighting the focus on economic growth, while fiscal discipline and Bank Indonesia's policy independence remain key market considerations.
Global Markets
Wall Street closed lower on Tuesday, with the Dow Jones falling 0.26% to 51,349.92, the S&P 500 declining 0.16% to 7,670.84, and the Nasdaq slipping 0.09% to 26,797.54. Equities remained under pressure as the 10-year UST yield rose above 5.29% and the 30-year yield exceeded 5.60%, reinforcing inflation concerns and expectations for higher-for-longer interest rates.
Qatar's mediation efforts between the US and Iran continued without a breakthrough on the nuclear program or reopening of the Strait of Hormuz. Meanwhile, Brent fell 3.65% to US$89.23/bbl and West Texas Intermediate (WTI) declined 2.20% to US$102.96/bbl, supported by the release of US oil reserves and recovering Saudi exports. Improved supply prospects eased near-term energy market pressure, although geopolitical risks remain.
The US Dollar Index (DXY) rose 0.22% to 101.42, reaching a three-month high, supported by expectations for tighter Fed policy and resilient US economic activity. However, weaker labor demand and softer consumer confidence could limit further USD gains.
New York Fed President John Williams said the Fed has time to assess incoming economic data, while leaving the possibility of one additional rate hike in late 2026 open if inflation remains elevated. The cautious stance could support UST yields and the USD while maintaining pressure on emerging-market assets.
Economic Calendar
JOLTS Job Openings: August openings fell sharply to 7.07 million from 7.33 million, while CB Consumer Confidence declined to 81.9 from 88.6, pointing to softer labor demand and weaker consumer sentiment. The data could weigh on the USD.
US Inflation & GDP: Markets will focus on August inflation and Q2 2026 GDP. Core inflation is expected to rise 0.3% MoM from 0.2% while remaining at 3.3% YoY. Headline inflation is expected to increase 0.4% MoM from 0.2% while remaining at 3.7% YoY. Meanwhile, GDP growth is projected at 1.5%, down from 2.1%. Higher inflation could support UST yields and the USD, while weaker GDP growth could limit USD gains, resulting in a potentially mixed market impact.
Rupiah Outlook
Today's USD/IDR Range: 17,900–18,000
Indonesia Economic Indicators:
| GDP Growth | 5.29% | Q2 2026 |
| BI-Rate | 5.75% | August 2026 |
| Inflation (YoY) | 3.19% | August 2026 |
| Foreign Exchange Reserves | US$146.5 billion | August 2026 |
| Closing USD/IDR | 17,965 | 29/09/2026 |
| Closing JPY/IDR | 114.15 | 29/09/2026 |
| Closing SGD/IDR | 14,046 | 29/09/2026 |
Data sources: CNBC Indonesia, Trading Economics, Bank Indonesia website, and Reuters.
CCY BN & TT JTrust Bank:
Supported Currencies:
| 1 | US Dollar (USD) |
| 2 | Singapore Dollar (SGD) |
| 3 | Japanese Yen (JPY) |
| 4 | Euro (EUR) |
| 5 | Australian Dollar (AUD) |
| 6 | British Pound Sterling (GBP) |
| 7 | Chinese Yuan (CNY) |
| 8 | New Zealand Dollar (NZD) |
| 9 | Hong Kong Dollar (HKD) |
| 10 | Korean Won (KRW) |
Foreign Exchange Transaction Requirements Against Rupiah:
- For foreign exchange transactions against Rupiah with an amount below the specified threshold, customers are only required to submit a Statement Letter for transactions below the threshold and a copy of valid identification.
- For foreign exchange transactions against Rupiah with an amount above the specified threshold, customers are required to submit a Statement Letter for transactions above the threshold, along with a copy of the underlying transaction documents, NPWP (Taxpayer Identification Number), and valid identification.
Contact Treasury Sales – J Trust Bank Indonesia:
(021) 2926-1114 (hunting)
- Bintang: 0812 2650 949
- Hanif: 0811 8762 001
- Naomi: 0877 0633 1585
- Ade: 0821 6939 7410
Disclaimer:
Although the information contained herein has been prepared by PT Bank JTrust Indonesia Tbk (J Trust Bank) based on sources believed to be reliable, J Trust Bank makes no representation or warranty as to the accuracy or completeness of such information and shall not be held responsible for any errors or omissions.
Accordingly, the information provided herein does not constitute a guarantee of future performance and should not be relied upon excessively. All information disclosed herein is subject to change without prior notice.
No part of this information may be reproduced in any form without the prior written consent of J Trust Bank.
